REPUBLIC OF LITHUANIA
LAW
ON PRICES
(As amended by 5 October 1993)
Article 1. This law shall define the system of pricing,
including regulation and control, for the Republic of Lithuania.
Article 2. Two pricing mechanisms shall operate in the
Republic of Lithuania:
(1) pricing, as regulated by state government institutions;
and
(2) market pricing.
Article 3. The Government shall regulate prices by:
(1) setting the minimum and the maximum prices for certain
goods and services;
(2) declaring specific prices for goods and services on a
special list prepared by the Government.
Article 4. The Government shall fix prices for products and
services provided under state contracts or procured through state
purchases.
Article 5. The Government of the Republic of Lithuania shall
set the level of excise duties and establish the list of goods
requiring such duties.
Article 6. Local government bodies shall regulate prices for
the products of enterprises at the local level, as well as
tariffs on services pursuant to state regulation, as provided in
Article 3 hereof.
Article 7. Market prices and tariffs shall be applied to
products and services that are not subject to state regulation
under Article 3 and Article 6 hereof.
Article 8. If the dynamics of market prices and tariffs
cause or are likely to cause a disturbance in the functioning of
economy, which, in its turn, affects the interests of the economy
of the Republic and its residents, the Government may suspend or
restrict price and tariff increases for a period not exceeding
6 months.
Article 9. State pricing control shall include research into
the reasons and factors of the pricing system that have an impact
on price levels and changes, as well as on the enforcement of
this Law and other legislative acts regarding price formation in
economic activities.
Article 10. Economic entities shall provide the information
necessary to proper exercise of state control of pricing in cases
specified by law.
Prices and tariffs shall be made available to the public
according to the procedure provided by law.
Article 11. Administrative and legal action may be taken
against persons who violate this Law and other legislative acts
regarding price formation and control of the Republic of
Lithuania in accordance with the procedure established by law
whereas economic entities shall be subject to economic sanctions
(Amended 5 October 1993).
Fines imposed upon economic entities that are under local
jurisdiction shall be paid into the budgets of the local
governments. In all other cases, fines shall be paid into the
State Budget.
Article 12. This Law and other legislative acts on price
formation adopted by the Republic of Lithuania shall be
implemented by the State Price and Competition Agency and by
local governments (Amended 5 October 1993).
Article 13. State government bodies when establishing
prices and tariffs of goods and services must coordinate them
with the State Price and Competition Agency under the Government
of the Republic of lithuania, with the exception of prices and
tariffs that are established by city (region) boards (amended 5
October 1993).
Vytautas Landsbergis
President
Supreme Council
Republic of Lithuania
26 July 1990
No. I-413